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According to CISI, the solution would not be to contact the professional body directly as wrongly accusing the senior colleague could damage everyone involve.

It added: "As with most dilemmas, discussion with a colleague or another person who can take an objective view is always sensible. In this case, because the dilemma involves his manager, [the subject] should raise the matter with his senior partner."

The CISI's publication includes 12 case studies, each one looking at a dilemma which may be faced by a financial services professional and how to address it in line with its Code of Conduct.

One of them features a financial adviser who comes across some discarded confidential documents after a chance meeting with a former colleague.

The documents, which contain client information, could be commercially valuable to the adviser, although CISI advised against using them.

"The most ethical course of action would be to shred the papers and to let [the former colleague] alone know what you have done, so that he is aware of the potential ramifications of his carelessness without the risk of causing harm to either you or him," it concluded.